172BA Obligation on certain persons to obtain tax reference numbers of persons beneficially entitled to relevant distributions

Summary

This section obliges Irish resident companies and intermediaries involved in the operation of dividend withholding tax (DWT), in advance of making a relevant distribution, to take all reasonable steps to obtain and keep a record of the tax reference number for each person beneficially entitled to receive distributions from 1 January 2021.

Details

(1)(a) Where a distribution is made by a company directly to the person beneficially entitled to the relevant distribution, the obligation is on that company.

(1)(b) Where a distribution is made through an authorised withholding agent, the obligation is on the authorised withholding agent from whom the relevant distribution is receivable by the person beneficially entitled to the distribution.

(1)(c) Where a distribution is made through one or more qualifying intermediaries, the obligation is on that qualifying intermediary from whom the relevant distribution is receivable by the person beneficially entitled to the distribution.

(1)(d) Where a distribution is made through one or more persons who is not, or not all of, or none of whom are, a qualifying intermediary, the obligation is on the person from whom the relevant distribution is receivable by the person beneficially entitled to the distribution.

(2) The ultimate payer (as defined in section 172A) shall ensure that Article 5 of Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) is complied with when it is fulfilling the requirements of subsection (1).

Relevant Date: Finance Act 2021